10 Most Profitable U.S. Companies Paid 9% in Federal Income Taxes

Saturday, August 18, 2012
The largest corporations in the U.S., consisting of oil, retail, banking and technology giants, paid an average of only 9% of their earnings in income taxes to the Internal Revenue Service last year.
 
According to the tax code, companies are supposed to pay 35% income tax. But NerdWallet determined that the top 10 came nowhere near that.
 
Exxon Mobil, the country’s biggest business, made more than $73 billion in 2011, but paid only $1.5 billion to the IRS.
 
The second largest company, Chevron, paid $1.9 billion in taxes after collecting $47.6 billion in revenue.
 
No. 3 on the list, Apple, made $34.2 billion. It paid $3.9 billion to the IRS.
 
These were followed by:
 
Microsoft (made $28 billion, paid $3.1 billion)
JPMorgan Chase (made $26.7 billion, paid $3.7 billion)
Walmart (made $24.4 billion, paid $4.6 billion)
Wells Fargo (made $23.7 billion, paid $3.4 billion)
ConocoPhillips (made $23 billion, paid $1.9 billion)
IBM (made $21 billion, paid $268 million)
General Electric (made $20.1 billion, paid $1 billion)
-Noel Brinkerhoff
 
To Learn More:
Corporate Tax Rate Too High? Not for GE…2.3% over 10 Years (by Noel Brinkerhoff and David Wallechinsky, AllGov)

Comments

Kay R 6 years ago
not true..... taxation hero: exxonmobil pays $3 in taxes for every $1 in profit http://www.forbes.com/sites/nickschulz/2012/08/09/taxation-hero-exxonmobil-pays-3-in-taxes-for-every-1-in-profit/
DDearborn 6 years ago
hmmm the home of the free (maybe) and the brave (definitely) sadly it is being run by liars, cowards, theives and traitors.....otherwise all they would never have allowed all this to happen.
Charlie Smith 6 years ago
i don't think this includes corporate welfare. my understanding is that most, if not all, these corporations actually had substantial credits for tax.

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